Mobeus divests part of VSI

The transaction generated attractive returns for the invested VCT, according to Mobeus.

VSI's other division, Lightwork Design, will remain a portfolio company of Mobeus following the sale.

Mobeus acquired VSI in April 2006, backing the company's £6m management buyout via its £21m Income & Growth VCT. The GP paid £1.9m, with the remaining funds provided as cash and roll-over from senior management, as well as a senior debt facility supplied by HSBC.

Company
Founded in 1989 and headquartered in Sheffield, VSI comprises Lightwork and MachineWorks. The MachineWorks division develops simulation and verification toolkit software for use in computer-aided manufacturing.

The software is designed to simulate machining. The company claims its software helps prevent manufacturers making expensive production mistakes.

People
Eric Tung is a partner at Mobeus and a non-executive director on the board of MachineWorks.

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• Topics
• UK / Ireland
• Exits
• Technology
• United Kingdom
• Partial sale
• Mobeus Equity Partners